Client Type: Endowments & Foundations

Research Note November 2014
The Missing Metric for Endowment Growth: Net Flow Rate

Read The Missing Metric for Endowment Growth: Net Flow Rate. By comparing the net flow rate with the real investment return, an institution can determine whether its LTIP is successfully sustaining its role in the institution’s business model.
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Research Brief August 2014
MAPping the Future of Pension Funding

The Highway and Transportation Funding Act of 2014, which temporarily maintains the solvency of the Highway Trust Fund, can benefit most pension plan sponsors by giving them flexibility around the timing and amount of contributions for the next several years, but may not decrease the total amount of contributions required over the long term.
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Research Note June 2014
Fossil Fuel Divestment

No one answer to the question of whether to divest will serve all institutions equally. The question of whether and to what degree an investment portfolio should reflect ethical stances is best addressed by individual institutions and their distinct investment policies.
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Research Report June 2014
Investing in Asian Hedge Funds: Opportunities and Challenges

Asia’s economic development continues to attract global investor’s interest. Yet, investing in Asia-focused hedge funds has proved challenging due to illiquidity, shorting constraints, and underdeveloped legal systems. This report takes an in-depth look at four strategies (long/short equity, credit opportunities, event-driven, and macro), highlighting the challenges each faces and the opportunity set available. All things considered, long/short equity and macro strategies present the most interesting prospects, event-driven and liquid credit strategies less so. We remain cautious on broad implementation in the near term; liquidity and governance drawbacks in most cases outweigh the benefits of geographic diversification and market inefficiency.
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Research Report May 2014
Multi-Manager Funds: A Toolkit for Evaluation

This report discusses the rise of multi-managers, compares the performance of multi-manager funds with traditional multi-strategy funds, and outlines the key questions investors should ask when conducting due diligence on a multi-manager fund.
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Research Report April 2014
Hallmarks of Successful Active Equity Managers

This paper attempts to answer the question, “how can investors that select active managers maximize their odds of success?” by delving into two metrics—active share and concentration—that a growing body of research suggests are linked to benchmark-beating performance. Combining these metrics with tracking error we illustrate a framework for evaluating equity managers and also explore the challenges of implementing such a framework.
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Research Report March 2014
A Framework for Benchmarking Private Investments

Private investments often play an important role in an investor’s portfolio, yet the inconsistent methodologies typically used to evaluate private investment performance and public market performance result in a lack of understanding about true relative performance. This report provides our views on best practices for measuring private investment performance and introduces a framework for benchmarking private investments.
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